If there was strong demand at 25c from existing SH and new ones, that should put a new floor at 25c, why would particpants at 25c sell under cost? That doesn't make sence. Maybe if there were free options but there wasn't.
I would expect to see some more news flow dropped around the time the new shares are issued or within a few weeks afterwards to add value for the new SH's
Ann: $5m Placement to accelerate drilling at the Spur Project, page-15
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